Page 33 - Bullion World Issue 6 October 2021_Neat

Bullion World | Issue 06 | October 2021
Bullion World | Issue 06 | October 2021
Here's how

Hallmark Unique ID will

revolutionise gold trade

Earlier, ornaments had BIS logo, purity mark, and identity mark of the seller
and imprints of the hallmarking centre. Now, a new six-digit alpha-numeric
code is ensured with BIS logo.
There is no doubt that the new initiative of BIS Hallmarking and the Hallmark
Unique ID (HUID) to protect the consumers, made mandatory from June 16 this
year, will usher in constructive changes in the industry. HUID will insulate the
consumers from the illicit and unhealthy trade practices, while making the gold
industry more transparent and progressive. Bureau of Indian Standards (BIS)
proposed the hallmarking of jewelleries in 2000, but it was not made mandatory
by the government till June this year.
Source: https://www.businesstoday.in

Gold Jewellery Hallmarking
Rules Postponed for 3 Months.

All you Need to Know

The government has brought a huge wave of relief to jewellers
across the country ahead of the festive season. The government had
announced that the deadline for the implementation of gold hallmarking
was extended by three additional months. The original deadline was on
August 31, 2021, but with the new change to the deadline, jewellers
now have till November 30 to implement the mandatory hallmarking on
gold. Additionally, it was also announced that jewellers would be able
to enjoy some relief in the rules regarding the Hallmarking Unique ID
(HUID). These HUID rules will only be applicable to the hallmarking
centres and jewellers.

Source: https://www.news18.com

India's gold imports rocket

higher

India's gold imports have jumped compared to the previous
year and they are at the highest rate in 5 months. This is due to
a buying season and the nation emerging from the COVID-19
pandemic according to a Reuters report. India imported 121
tons of gold in August, compared to 63 tons a year earlier,
(anonymous government source). This translates to August
imports of $6.7 billion from $3.7 billion a year ago This could
be to fill inventories ahead of the festive season. There has also
been a discount for the physical buyers as local gold futures fell
to 45,662 rupees per 10 grams on 10th August, the lowest in
four months.

Source: https://www.kitco.com

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